6 Tips to Enhance Revenue of Your Magento Store
A high conversion rate is the driving factor in the success of online stores. In simple words, sky-rocketing sales and revenue determine whether your Magento store is moving in the right direction or requires optimisation.
There are over 26 million online retailers worldwide, and more companies or individuals join every day. The global eCommerce market is estimated to cross $4.2 trillion in 2024. With such fierce competition, growth can be seemingly daunting for online store merchants.
Magento support teams can help you stay ahead in the eCommerce race with necessary optimisation. This blog post discusses the major customer-focused strategies for driving sales and revenue for your online store.
Here are 6 Handy Tips to Boost Magento Sales
1. Optimise Homepage
An impressive homepage helps build brand values and credibility among website visitors. Appealing home page designs play a vital role in determining whether users will buy your products and services or look for alternative options.
It is essential to ensure that the website homepage is interesting and engaging. If users fail to connect with the content of the homepage, chances are they will bounce to a competitor’s site.
Good aesthetics, optimum functionality, and a balance of blank space are essential elements for appealing web designs. The benefits of bespoke website design, like high visibility and SEO, can help you drive sales efficiently.
2. On-Site Pop-Ups
Earlier eCommerce pop-ups were a failure, as most were not compelling to users. They also lacked sophistication around what to display and whom to display it to. However, popups nowadays are proven tools for enhancing the revenue of the Magento store.
You can use pop-ups in various ways to ensure greater customer engagement and drive sales. Some of the standard ways a web design agency can integrate them into the store are:
- For welcoming customers
- As a form for collecting valuable email addresses
- Informing about free shipping and discounts
3. Flash Sales
One of the quickest ways to boost sales is to instil a sense of urgency among customers. This can be done by urging customers to buy within a limited time frame in exchange for offers. For example, many online stores offer a 10% to 20% discount or free shipping to first-time customers if they buy within 24 hours of the visit.
Another great way to drive conversion rate is flash sales. You can inform the customer about the flash sales when they enter the website or when they are about to exit. Based on the market competition, you can use this strategy for specific customers who have been keeping track of certain products.
4. Run Loyalty Programs
One key strategy for staying connected with customers is loyalty programs. They are win-win for both companies and customers and help maximise sales. Additionally, they provide compelling reasons for customers to keep coming back to the Magento store.
Loyalty programs help to drive sales in the following ways:
- Provide a competitive advantage to your store
- It encourages customers to shop from your site to gain the extra incentive
- It acts as a gaming strategy that gives a dopamine rush when customers find they are being rewarded for buying
Moreover, customers who enjoy collecting points want to accumulate and spend them quite often to reduce the buying costs. A Magento agency can integrate loyalty programs in your online store.
5. Email Marketing
Neglecting a proper email strategy can lead to poor engagement from clients, affecting revenue. Most companies simply send out weekly or monthly newsletters and do not focus on the transactional emails.
Transactional emails are those triggered by a user’s interaction, such as account registration, placing orders, updating customers about their wishlist and submitting an enquiry. Using these emails, online store merchants can deliver personalised UX catering to the specific needs of the customers.
You can also use email marketing for the following:
- Reminding the customers about their abandoned carts
- Using up-sell and cross-sell emails to strengthen the average order value of the Magento store
- Updating customers about the availability of stocks (for out-of-stock items)
6. Funnel Optimisation Methods
The sales funnel is the journey of the customer from the first site visit to making actual purchases. Online businesses suffering from low conversion rates might need funnel optimisation.
This approach can help the store with the following:
- Streamline the customer journey
- Enhance customer targeting
- Ensure proper placement of call to action (CTA), “add-to-cart”, or “continue to checkout” buttons
- Higher visibility of the CTAs
Wrapping Up
It is essential to make well-informed decisions and identify the reasons why the online store is not performing as expected. A Magento development agency can help you identify issues in your site and optimise its design and features for greater sales and revenue.
